Vermont § 3464 - Right of assignee to become limited partner
Full text of Vermont Vermont Statutes Online § 3464 — Right of assignee to become limited partner, with citation guidance and answers to common questions.
§ 3464. Right of assignee to become limited partner
- (a) An assignee of a partnership interest, including an assignee of a general partner,
may become a limited partner if and to the extent that the assignor gives the assignee
that right in accordance with authority described in the partnership agreement, or
all other partners consent. (b) An assignee who has become a limited partner has, to the extent assigned, the rights
and powers, and is subject to the restrictions and liabilities, of a limited partner
under the partnership agreement and this chapter. An assignee who becomes a limited
partner also is liable for the obligations of his or her assignor to make and return
contributions as provided in subchapters 5 and 6 of this title. However, the assignee
is not obligated for liabilities unknown to the assignee at the time he or she became
a limited partner. (c) If an assignee of a partnership interest becomes a limited partner, the assignor is
not released from his or her liability to the limited partnership under sections 3417 and 3442 of this title. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 3464
What does Vermont Statutes Online § 3464 cover?
Section 3464 ("Right of assignee to become limited partner") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 3464?
A common citation format is "Vermont Statutes Online § 3464" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 3464 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.